In classical 3 part corrections in elliot wave the C wave should be of the same length as wave A and wave C should be the most violent. So far we can witness a 5 part impulse wave that we can label A and a 3 part retracement wave that we can label B. What needs to follow is a wave C and here it gets tricky since having the same length in wave C as wave A would bring us into negative territory. The price can never be negative.

Wave A and wave C tend towards equality while C = 1.68*A ist the next most likely outcome. Since this is not possible we can see the current pump as wave 1 of some degree what implies that we are in the corrective wave 2 of the same degree now. Wave 2 tends to be a 0.5 to 0.61 retracement of wave 1.

I marked the area that the elliot wave rules project as the typical target for a retracement, with the lower half being more likely than the upper half. It would also match the typical bubble charts that pop up so often in crypto (and soon for the stock markets as a whole). A conservative estimate would be to watch out for a confirmed reversal from a low anywhere in between 8 and 18 cent. Due to the nature of the DEX and margin calls for bitAssets we will be able to get BTS for considerably lower prices as the 10% discount on liquidations tends to trigger a acceleration on the way down. That will be a great day for a trader who makes profits from this kind of inefficiencies.

Happy trading!

Kommentar:
I can't change the title but its actually wave 3 of c since wave 2 is the second last candle. That doesn't change the target. For cross reference the BTC chart also shows signs of being in the same wave and it is testing support right now. if BTC breaks trough 9000 we will accelerate.

Kommentar:
Actually the BTC price is more likely at the beginning of wave iii of 5 of C. the requirements for wave 5 is not very strict. A minimum to expect is to see it a little bit extending over wave 3 but even this is not required. with a little pierce the price broke trough the low of wave 3 of C and therefore we could be finished, but wave 5 of C should have 5 parts and I can only see 3 parts. The chart as a whole is a bit messy with no real typical elliot wave structure in the case of BTC. So it might be better to just watch out for reversal candles at support right now and later.